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HomeDirect TaxRecorded Loan Transactions Can’t Be Treated as Unexplained Money: ITAT 

Recorded Loan Transactions Can’t Be Treated as Unexplained Money: ITAT 

Direct Tax

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By Mariya Paliwala
Recorded Loan Transactions Can’t Be Treated as Unexplained Money: ITAT

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹1.12 crore made during reassessment proceedings, holding that transactions already recorded in the books of account cannot be taxed as unexplained money under Section 69A merely because the Revenue alleges that they were accommodation entries.  The bench of Rahul Chaudhary…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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